Many Plan to Buy in 5 Years

Fifty-four percent of Americans are planning to buy a home in the next five years, a figure that’s up 12 percent from last year. Those surveyed also are willing to pay an average of $277,000 for a home and plan to contribute an average 32 percent down payment.

These numbers appear courtesy of the 2017 BMO Harris Bank Homebuyers Report. Among other findings, the report revealed that 80 percent of first-time homebuyers are planning to get preapproved before making an offer. Ten percent of would-be buyers already are preapproved. Four out of five homebuyers plan to set a budget before looking for a home. Also, a majority of those surveyed (65 percent) plan to consult a real estate agent. Online real estate websites are consulted by 61 percent of respondents, while 38 percent seek recommendations from friends and family.

According to the findings, 70 percent of recent homebuyers spent six months or less looking for their home before purchasing. In addition, 10 percent bought a home because a specific property caught their attention, and not because they were actively searching.

“Future buyers are encouraged about their prospects for a home purchase in the near future, and they're keeping a healthy budget top of mind," says Steven Zandpour, senior vice-president and head of retail banking for Chicago Metro North, BMO Harris Bank.

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Mobile app usage is growing, especially among Millennials. The report found that 37 percent of Millennials plan to use a mobile device in their home search. Millennials also are more likely than older age groups to get recommendations from friends and family (45 percent) when conducting a home search.